CLEARWATER — A Miami private investment firm, 777 Partners, has acquired Clearwater-based Ensurem, a $40 million fintech firm that provides online insurance options for Medicare consumers.
Terms of the deal weren’t disclosed.
Founded in 2016, Ensurem posted $19.68 million in revenues in 2019, up 314% from $4.75 million in 2018. Ensurem Founder and CEO Dave Rich, in a recent Business Observer story, said 2020 revenues would be at least $40 million, double over 2019. The company offers Medicare Advantage, Medicare Supplement, vision, dental, hospital indemnity and final expense insurance, according to a statement.
Ensurem doesn’t administer or underwrite policies, but it makes money through a combination of its licensed insurance specialists writing policies sold through insurance companies; third-party administrative services it provides for insurance companies; and digital marketing it provides for insurance companies. In addition to the company’s growing digital services, it also runs two contact centers staffed with fully licensed insurance agents specializing in senior insurance products, the release states.
“Our vision is to provide Medicare shoppers with a more simplified shopping experience, allowing them to enroll their way whether that be online or by phone,” Rich says in the release. “777 Partners’ acquisition provides us with the capital needed to carry forward this vision, while also giving us access to additional resources to aid in future product development and technology advancements.”
“We’re excited to add Ensurem to 777’s diversified portfolio of insurance technology companies. We’ve worked with Ensurem before and have followed their growth closely,” adds 777 Principal Jorge Beruff. “Ensurem has quickly gained a reputation for being a change agent in the senior insurance market, and this acquisition underscores 777’s continued commitment to the creation of innovative insurance products.”
Ensurem has 210 employees — with more than 100 added in 2020. And the payroll could grow to 250 or 275 this year. The company is building out a space in Largo where it will move its operations from its current Clearwater headquarters. It’s also converting 10,000 square feet of retail space off U.S. Highway 19 in Port Richey, Pasco County, to serve as a satellite contact center. Rich estimates the company has invested more than $1 million in leasehold improvements for both spaces.